Landmark Cars Stock Down 10% In Debut Trade
Shares of automobile dealership chain Landmark Cars made a weak market debut on Friday and ended nearly 10 per cent lower against the issue price of Rs 506.
The stock listed at Rs 471.30, a discount of 6.85 per cent on the BSE. During the day, it dipped 11.76 per cent to Rs 446.45. The stock ended at Rs 456.45 apiece, registering a decline of 9.79 per cent.
On the NSE, the stock made its debut at Rs 471, lower by 6.91 per cent. It ended at Rs 456.15 per share, lower by 9.85 per cent.
The company commanded a market valuation of Rs 1,807.18 crore on the BSE.
In the broader market, the 30-share BSE Sensex remained under selling pressure for the fourth day running and tumbled 980.93 points or 1.61 per cent to settle at 59,845.29.
The Initial Public Offer (IPO) of Landmark Cars got subscribed 3.06 times last week.
The company's public offer had a price range of Rs 481-506 a share.
The IPO of Landmark Cars had a fresh issue of up to Rs 150 crore and an offer for sale of up to Rs 402 crore, aggregating up to Rs 552 crore.
TPG-backed Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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